Filipino bank BSP launches InstaPay

Tuesday 1 May 2018 13:04 CET | News

The Bangko Sentral ng Pilipinas (BSP) has launched InstaPay, the latest automated clearing house (ACH) under the National Retail Payment System (NRPS) Framework. 

Via InstaPay, Filipinos can make electronic retail payments in real-time. Individuals, businesses, and government institutions will be able to send and receive funds or make payments in real time of up to P50,000 (around 1000 USD) per transaction, without limit, in a day. The transferred funds are instantly received in full as no fee is charged for the electronic crediting of funds to the receiving party’s account in InstaPay participating institutions. Charges may, however, apply to sending parties. Recipients may also be charged for cash withdrawals.

Both senders and receivers must have accounts with participating institutions to enjoy instant transfers. There are at present, 20 InstaPay participating institutions. The number is expected to increase quickly in the coming months as more institutions respond to customer demand.

InstaPay will be accessible 24/7, all year round through mobile apps and internet banking facilities provided by participating banks and e-money issuers, with other channels following soon.

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Keywords: BSP, instapay, Philippines, instant payments, online banking
Countries: World